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Why you need commercial insurance for your Colorado business

Colorado Commercial Insurance

Those that would like to own their own business should spend time carefully assessing locations to open their new company. When you are looking for a new place to start a company, you should consider coming to Colorado. Colorado is a great place to start and manage a company due to a strong population and continued support for local businesses. If you are going to start a business here, it is important to consider your commercial insurance needs. There are many reasons that you will need to have insurance. 

Insurance Required for Loan Compliance

One of the reasons that businesses will need commercial insurance here is to ensure they are in compliance with their loan agreements. If you need to take out a loan to start or grow your company, you need to know what your insurance requirements are. A lender will likely require that you carry commercial insurance as it can protect their collateral and ensure you remain solvent during some challenging situations.

Legal Requirement

For businesses that are in Colorado, having some commercial insurance can also be a legal requirement. The state today obligates that most employers have a commercial insurance policy that includes worker’s compensation insurance. This form of insurance provides protection for employees that are hurt while they are working on the job.

When you are looking for a commercial insurance policy in Colorado, you should speak with the team at Aspen Gold Insurance Brokers. When you call the team at the Aspen Gold Insurance Brokers, you are going to receive the guidance and support that you need to pick an insurance policy. This will help ensure you are able to get into a policy that helps you to meet your insurance obligations. Contact Aspen Gold Insurance Brokers today for a free insurance quote. Let us see if we can save you money and protect your business. 

General Liability Basics in Commercial Insurance

What is commercial insurance

If you own a business, General Liability insurance (GL), is a type of insurance that can protect you when accidents and incidents occur during business operations. Some incidents that may be covered with General Liability insurance include bodily injury, personal injury, and damages to premises that are rented to you. Without proper coverage, your business may be negatively impacted financially which can put a huge burden on your cash reserves and assets.

General Liability For Contractors

Running a small business or operating as a contractor means you will need some form of liability insurance to protect yourself from lawsuits that can arise from accidents. Even one accident can leave your business susceptible to financial hardship it may not survive. BOP or Business Owners Policy is a type of property insurance that may include General Liability. However, it is possible to purchase GL separately depending on how your business operates. Many businesses that do not own commercial property will forgo a BOP and just have General Liability insurance.

Is General Liability Required By Law?

While GL insurance is not required by law, many businesses simply can’t afford to operate if they are dealing with a liability claim. It can be a huge burden especially for smaller businesses that do not have large cash reserves. Even larger businesses will have some form of liability insurance as it is fairly common they will experience a claim at some point in their lifetime.

If you operate a business, large or small, or are a contractor, it can be a smart move to make sure you are adequately covered in the event of a liability claim. Call Aspen Gold Insurance Brokers of Broomfield, CO to speak to a representative and schedule an appointment. We can guide you through your particular insurance needs and find a policy that works for you.

How to Cover a Business for a Cyber Attack

Commercial general liability insurance

Cyber attacks continue to be a major problem for American businesses. Statistics show, in 2018, the average cost to a business for the damages from a Cyber attack was $2.4 million. That is a huge amount of money. The scary thing is that this kind of attack can happen at any time without any warning whatsoever.

Insurance for A Cyber Attack

Cybersecurity insurance is a type of special insurance coverage that can be found under the category called umbrella insurance. It can be a rider on an umbrella insurance policy that also covers other risks.

Umbrella insurance does two basic things. It extends the policy limits of other insurance coverage that is also in place and it covers things that other policies do not cover. Work with your agent at Aspen Gold Insurance Brokers, serving Broomfield, CO and the nearby communities, to make sure you have adequate insurance for this risk.

Umbrella Insurance for Cyber Attack

Umbrella insurance is an effective way to cover the big risks that can destroy a business and wipe out the net worth of the business owners. It is more cost-effective to have umbrella insurance to cover claims that are in excess of the policy limits of other coverage than it is to raise the policy limit of each separate insurance policy.

Special Cyber Security Risks

Businesses that conduct online payment-processing transactions, such as accepting credit cards for sales are the kind of companies that are likely to have a cyber attack. Another type of vulnerable business is any health care organization that manages the medical records of individuals. They must follow HIPAA rules for security that are very strict. Fines and penalties for violating HIPAA rules can be multiple millions of dollars.

Ransomware

A new form of malware called ransomware is being deployed more frequently. Ransomware works by a hacker inserting a virus or malware into a system and then locking the data content by encryption. A demand is made for the company under attack to pay a ransom to get access to their own data files.

Cyber attacks are not going to go away. In fact, they are getting more frequent. Call 720-600-7470 to talk to your agent at Aspen Gold Insurance Brokers in Broomfield, CO to get a quote for umbrella insurance that covers the risk of cyber attacks.

Should You Have Commercial Property Insurance?

Commercial Insurance

Commercial property insurance in Colorado doesn’t just cover the building the business operates in, it also covers assets in the building, such as tools, equipment, inventory, or machinery. This insurance will cover losses due to fire, vandalism, theft, or natural disasters. Commercial property insurance may be required in a few instances. If you own the building you are operating out of, you may be required to have insurance based on your loan. If you are renting, your landlord may also require you to have this.

Commercial property insurance can cover a lot of different things, so if your business can benefit from having these items covered, it’s worth speaking with an agent at Aspen Gold Insurance Brokers to add this to your existing business insurance or to get a new policy. The policy will cover the building, any equipment loss, any damage to the building due to fire, theft, wind or hail, any accidental property damage, and lost business income due to these losses. It also protects electronic data, valuable papers, and records, and guards against interruption of computer operations, forgery or alteration, and accounts receivable. There are some items this policy won’t cover, such as commercial vehicles, data breaches, errors or omissions, and whether other than wind and hail, but it’s still an important type of policy for many business owners to consider. If a company were to lose its inventory due to a fire, it could be put out of business.

Many businesses have commercial general liability coverage, but this type of policy will only cover any third-party claims for injury or property damage. Business owners need to protect their own property with commercial property insurance.

Contact Aspen Gold Insurance Brokers, serving Broomfield, CO, to get a quote on commercial property insurance and other insurance for your business.

Commercial Insurance & Harassment Claims

Commercial insurance companies

A business can do everything right. It can market well, watch the bottom line and accounting reports, manage credit wisely and hire smart. All of the right moves can be made that under any business textbook traditionally mean success, and yet the same company with all of those decisions going in the right direction can still be bankrupted by an unexpected legal claim unaddressed by typical business insurance such as harassment claims. The fact is, legal risk remains one of the top reason that force many small businesses to fold prematurely, whether in Broomfield, CO or in other towns across the U.S. That’s because the cost of defense, motions, trial and potentially losing a claim can be in the dozens of thousands of dollars, the very resource a small business needs the most of for liquidity and growth.

However, commercial insurance can go a long way in protecting small businesses as well. A commercial insurance policy is for more than just property protection and business contract disputes. It can protect against employee-related claims like harassment allegations as well. In a day and age where behavior in the workplace can be just as much of a cost risk as an omission in a service agreement, insurance protection is a must for a new business. The staff at Aspen Gold Insurance Brokers can help. They are able to tap into dozens of business-oriented coverage products that can be tailored to the specific needs of a given Colorado small business. So you don’t need to jam your company’s needs into a generic box. Aspen Gold Insurance Brokers can match your need with the right product easily; give them a call today to find out more.

3 Ways Business Interruption Coverage can Protect your Small Business

commercial vehicle insurance

Taking into consideration the rising trend of major disasters around the country, your business could very well be affected by a catastrophe at some point in time. Business interruption coverage can prepare you for unforeseen disasters that can bring your company to naught. Here are three ways business interruption coverage from Aspen Gold Insurance Brokers can protect your Broomfield, CO company from loss.

How Can Business Interruption Coverage Replace Lost Income

Standard business insurance policies cover damage to business property, equipment and inventory so you can replace the items you need to continue operating. It doesn’t, however, replace a loss of income if your business has to close temporarily to recover from a disaster. A lengthy shutdown for major repairs to your office or warehouse could cost you much-needed income that you can use towards disaster recovery. Business interruption coverage helps replace lost revenue to keep your business going until you can reopen your doors and start generating income on your own.

Covers Employee Payroll

Business interruption insurance also covers employee wages during a shutdown, so you don’t lose valuable manpower in the interim period of making repairs. Good workers are hard to find. By covering payroll, business interruption insurance makes it easier to keep experienced employees until work conditions stabilize and you’re ready to resume operations.

Pays for Business Expenses

Even in a disaster, you’re responsible to pay for typical business expenses like rent or mortgage of business property and utility costs. Business interruption insurance provides funds to keep up with your financial responsibilities during a shutdown.  It also pays for temporary setup in a new location until your building’s repairs are done.

Business interruption insurance makes it easier for you to get back on your feet after disaster strikes. To learn more about this coverage and costs, contact us at Aspen Gold Insurance Brokers, Broomfield, CO.

How Much Insurance Does A Business Need To Survive A Business Loss?

Commercial auto insurance

Colorado business owners look at their companies as a means of support as well as being their livelihood. A financial loss can be devastating causing a person to lose much more than their business. Commercial insurance policies are designed to help a business prevent a survive a business loss from disabling or destroying a business. It allows the company to regain its bearings and push forward with the rebuilding process. The agents at Aspen Gold Insurance Brokers can help a company determine how much commercial insurance coverage they need to adequately keep the business alive after a devastating financial loss.

A loss can take many forms, such as weather damage, fire, accidental injury or even burglary. Many losses are unexpected and business owners have little they can do to prepare for the loss. Commercial insurance can take care of many types of losses if the right amount of coverage is purchased. In most cases, insurance agents determine the amount of insurable worth as the value of the business and the amount of estimated profits for approximately six to eight months. While the insurance may not reimburse for the entire amount, it will provide the business owner with the money needed to rebuild the business and operate for a few months after they are back in operation.

Although this type of loss is rare, the ability to rebuild and operate the business back to a successful state is vitally important to the company owner. The agents at Aspen Gold Insurance Brokers can help Colorado business owners protect their commercial interest and prevent devastating financial loss. Knowing the value of the business and what will be needed to help it survive a business loss  is important information that an owner needs to know. 

Learn more about commercial insurance check out our additional blogs.

Commercial Insurance Checklist

commercial liability insurance

When you’re looking for commercial insurance from Aspen Gold Insurance Brokers, there are a few aspects to consider. It helps to create a commercial insurance checklist to ensure you have all the insurance you need. You’ll feel more at ease knowing you’re covered, even if the law doesn’t require you to have commercial instance.

1. General Liability Insurance

Unfortunately, your business may be at fault for a fall or something that affects another business or party. Even though you may not have intentionally meant for the incident to occur, your business will still need to compensate anyways. If you don’t have commercial insurance to protect your business, you become personally responsible for the charges, in particular if your business isn’t a limited liability company. The expenses of a lawsuit could range from a few hundred to over $100,000. You obviously don’t want to have to pay that, and if neither the company or you have the money personally, you could lose your entire business and be forced to file bankruptcy. You want the policy to cover enough that the remaining expenses won’t exceed what you can afford.

2. Property Coverage Insurance

If your property gets destroyed, it could harm the aesthetic appeal of the outside of your business. It could harm the function of your company as well, which could potentially hurt your profit. Keep in mind, if anything affects your business in a way that it causes you to shut down even for a few days, you’re losing money. If you don’t have enough insurance to make the repairs, you may have to shut down totally. Property insurance is especially important for those who rent their properties. In fact, the owner may require you to have it.

3. Necessary Insurance

While property and liability are important insurance coverage to have, they’re not required by law. They may, however, be required by whoever you took a loan from or whoever is the owner of the property you rent. Make sure you inquire with these individuals before you develop a policy.

To learn more about our commercial insurance checklist and coverage you need to benefit your business, contact Aspen Gold Insurance Brokers in Broomfield, CO at 720-600-7470 today.